Obama administration efforts to revive housing include an $8,000 federal tax credit for first-time buyers who complete the transaction before Dec. 1, 2009. The government is now trying the best to regain the economical boost. So, for that the US government is offering lenders some incentives to modify the terms of delinquent mortgages, and the Federal Reserve is buying mortgage-backed securities to help reduce borrowing costs. All these steps are going to stable the US home and mortgage industry according to the national association  of home builder’s  Wells Fargo index are showing a record home sales in the second quarter of this month which is showing of nearly 72.3 percent of homes sold out. This 72.3 percent of homes sold to the families with the national median income of $64,000 a year.

Homeowners fall behind on their mortgage payments when they lose their jobs, and declining prices mean they can’t sell to pay off loans, the median U.S. home price fell 16 percent in the second quarter from a year earlier, the steepest drop on record, according to the National Association of Realtors. These rapidly change in home’s prices is creating a positive change in the US mortgage. This is a very positive change and this will help the home sale’s go higher and can play a major role of lifting up the US economy and people will be able to purchase their own homes!

Watch the video “California’s median home price down 40%”

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The US mortgage applications fell last week, reflecting a drop in demand for home refinancing loans as interest rates soared to their highest levels since June, data from an industry group showed on Wednesday. As we know that the US trying to get rid of the current worst economical situation but they are still struggling with the major disaster was the loan rates on homes were raised high by the banks. This rise in home loans laid a very bad impression on the people in the US. Most of the people get homeless and now the situation is that the economically US facing their life’s worst phase and this situation affecting country badly.

After Fed announcement of no change in rates the World stock markets shot higher Thursday, after the US Federal Reserve said the world’s largest economy appeared to be “leveling out” from its worst ever recession. “We have more and more confirmation the US recession is ending and investors are currently buying into this,” said John Mar, co-head of sales trading, Daiwa Securities SMBC Co. in Hong Kong.

So, these rapid changes are affecting many sectors but the major thing is to save the industry specially the mortgage industry. As president Obama has promised with their nation that he and his administration will bring the change in the country and we are waiting for that change because the change in Stocks, economical destabilization and applications for loans to buy homes, an early indicator of sales, rose slightly and affecting economically.

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The President of USA Barack Obama declared a new loan policy for the home loans and just 9% of eligible home loans have been changed under the Obama program. President Obama and two well known banks of America (BofA) and Wells Fargo declared the new modified plan for the home owners who took loan for their home. BofA and Wells Fargo, say’s the report doesn’t reflect modifications made outside the plan. As the US people are already fighting against the rising rate of loans so after the modification of home Loan policy offered by the two mega banks that dominate the mortgage market; so Fargo & co. has reduced the payments for only 6% of its eligible home loans under the government’s program, and Bank of America Corp.

After a long time the administration, under tremendous pressure to help homeowners avoid foreclosure, has said that despite the low percentage of loans that had been modified under its plan, the program “has made rapid progress in a few short months” and was on track to help 3 million to 4 million eligible borrowers. So, now the hopes of the American people are again alive after this step taken by the President Obama’s and I wish we could again lift and boost our economy again for a longer period!

Watch out the video “Loan Modification – Federal Foreclosure Prevention Plan”

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